Business
UK’s Sunak on verge of EU deal, but faces tough sell at home
By Jill Lawless, The Associated Press on February 27th, 2023
LONDON (AP) – The U.K. government says it has reached a deal with the European Union to resolve their long-running trade dispute over Northern Ireland. Prime Minister Rishi Sunak said he and European Commission President Ursula von der Leyen would hold a news conference on Monday. The government had previously said that would only happen ... Read More »
Be the first to comment!Stocks open higher on Wall Street following last week’s rout
By Elaine Kurtenbach And Matt Ott, The Associated Press on February 27th, 2023
NEW YORK (AP) – Stocks are opening higher, clawing back some of the losses from their worst week since early December. The S&P 500 rose 0.8% early Monday and is on pace for just its second gain in the last seven days. The Dow and the Nasdaq also rose. Stocks have struggled in February after ... Read More »
Be the first to comment!TD Bank to pay US$1.205 billion to settle Stanford Ponzi scheme lawsuit
By The Canadian Press on February 27th, 2023
TORONTO – TD Bank Group says it will pay US$1.205 billion to settle a lawsuit in connection with a multi-year Ponzi scheme operated by the Stanford Financial Group. Under the terms of the agreement, TD has settled with the receiver, the official Stanford Investors Committee and other plaintiffs in the litigation. TD, which provided correspondent ... Read More »
Be the first to comment!Valuation report values Canaccord shares more than management buyout offer
By The Canadian Press on February 27th, 2023
TORONTO – An independent valuation of Canaccord Genuity Group Inc. prepared for a special committee of company’s board puts the fair market value of the its shares higher than a management-led group’s offer to take the company private. The review done by RBC put the fair market value of Canaccord shares in a range of ... Read More »
Be the first to comment!U.S. company signs deal to buy Quebec-based Uni-Select in deal valued at $2.8B
By The Canadian Press on February 27th, 2023
BOUCHERVILLE, Que. – U.S. company LKQ Corp. has signed a deal to buy Quebec-based Uni-Select Inc. in an agreement that values the company at about $2.8 billion. Uni-Select executive chair and CEO Brian McManus says the deal offers compelling value and liquidity to the company’s shareholders. The distributor of automotive parts and paints has over ... Read More »
Be the first to comment!Hamilton, Ont., entrepreneur wins Black Pitch Contest, $25,000 grand prize
By The Canadian Press on February 26th, 2023
HAMILTON – A Black entrepreneur from Hamilton, Ont., has won the nationwide Black Pitch Contest. Micheline Khan’s company, Althea Therapy, helps people get access to culturally responsive mental health professionals and resources, with a goal of destigmatizing therapy and improving mental health outcomes for underserved communities. Khan says she is grateful for the opportunity and ... Read More »
Be the first to comment!‘Virtual power plant’ model could convince more Albertans to switch to solar
By Amanda Stephenson, The Canadian Press on February 26th, 2023
CALGARY – An electricity retailer in Alberta is betting it can entice more homeowners to make the switch to solar panels by launching what it calls Canada’s first retail, 100 per cent green energy-based “virtual power plant.” As of last week, residential customers who sign up with Calgary-based Solartility Inc. will receive a zero-down leasing ... Read More »
Be the first to comment!Iran’s currency hits new low amid anti-government protests
By The Associated Press on February 26th, 2023
DUBAI, United Arab Emirates (AP) – Iran’s currency fell to a record low against the dollar on Sunday, with nationwide anti-government protests now in their fifth month. A breakdown in negotiations to restore Tehran’s nuclear deal has also hurt the value of the rial. Traders in Tehran were exchanging the rial at around 600,000 to ... Read More »
Be the first to comment!G-20 meeting in India ends without consensus on Ukraine war
By The Associated Press on February 25th, 2023
BENGALURU, India (AP) – A meeting of finance chiefs of the Group of 20 leading economies ended on Saturday without a consensus, with Russia and China objecting to the description of the war in Ukraine in a final document. The meeting hosted by India issued the G-20 Chair’s summary and an outcome document stating that ... Read More »
Be the first to comment!S&P/TSX holds steady despite U.S. market jitters over potential rate hikes
By Christopher Reynolds, The Canadian Press on February 24th, 2023
Canada’s main stock index held firm Friday, buoyed by sturdy energy and financial sectors despite an initial dip prompted by a jitter-inducing inflation report out of the U.S. Meanwhile, U.S. markets fell Friday. The S&P/TSX composite index nudged up 31 points to close out the week at 20,219.19. “The banks and financials, which are 30 ... Read More »
Be the first to comment!Bad deal or injustice? Quebec, N.L. premiers see Churchill Falls differently
By Sarah Smellie, The Canadian Press on February 24th, 2023
ST. JOHN’S, N.L. – Quebec Premier François Legault recognized on Friday that a decades-old hydroelectricity contract that has made his province billions of dollars has become “a bad deal” for Newfoundland and Labrador – but he stopped short of calling it an injustice. Legault was in St. John’s for talks with Newfoundland and Labrador Premier ... Read More »
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